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Individuals used to be able to deduct consumer interest charges from their income, too.

Now, only businesses can deduct interest charges for any borrowing they do, and individuals are limited to home-mortgage interest.

If we eliminate the home-mortgage deduction, many (most?) "second homes" would still qualify to have mortgage interest deducted. So, it's still welfare for the upper-income Americans….

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Yes, regulations CAN help, and they can hurt. Im not some conspiracy theorist that ranks everything as government takeover plot. If you're saying all of them are bad then you are just being ignorant. Economies of scale aren't a bad thing. But? don't you see the power potential when one of these businesses are nearly unstoppable? If you only buy into the fact that we all simply get lower prices and they do what they do well, then you're not seeing a whole other side of the picture.

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Fairlane,

I've been working on a long post about the Bailout which I haven't been able to finish yet. But I'll summarize it for you.

There were three government institutions/encroachments on the Free Market that caused the Housing Market crisis.

1. The Community Reinvestment Act – passed in the late 70's, then further revised in the 90's, the CRA forces banks to loan to high risk lenders. Banks floated many sub-prime mortgages to earn their CRA credits, which if they weren't able to fulfill would earn penalties as much as a half a million dollars. This is an extreme example of the Unintended Consequences of Good Intentions.

2. The Federal Reserve keeping interest rates artificially low for about 15 years. This incentivized people to borrow money instead of saving and making proper investment because our country has been flooded by money created by The Fed. The Austrian School of Economics attributes the Federal Reserve to being the main government institution that causes boom and bust cycles. In this last 15 year period the artificial increase of money floated mainly into Real Estate because it was considered a "safe" investment. Causing the boom, which then burst.

3. Fannie Mae and Freddie Mac. These two institutions made guarantees to banks that they would back up with the US Treasury (which was a lie) ANY mortgage that they made. Banks, due to the government interference into the market, had no risk in giving out loans because FM&FM would back them up no matter what. Since the internal policies of a bank were compromised (no business actively causes itself to go out of business, and if it does, then it goes out of business and leaves the market), banks then took on risky loans because they were promised that it wouldn't be held on their books. When FM&FM failed and went bankrupt, the flow of bad credit mortgages stopped and got stuck on the banks books which then caused them to go under.

So your conclusion that the "housing market was caused by Wall Street" is not correct.

Additionally, this villainization by leftists that there is a single entity of "Wall Street" that is sitting in a tall building in Manhattan, evilly tapping their fingers together while they think of evil deeds in which they can "undermine the working man" is completely delusional and out of the pages of Marx himself.

Next, you bring up the auto and airline industries, and in this case you undermine your own argument. In a Free Market economy there would have been much less regulations on these markets, so that when any of these companies failed, they would be allowed to fail and the void that they leave in the market would be filled by a more successful company.

A good example can be seen in the auto market. As SUV and Truck sales dive, Scooter and Smart car sales are booming.

I totally agree that the government has no business bailing out or giving money to companies, just as much as they shouldn't regulate them and let them do business for themselves. Bad business will fail while good business will provide good and efficient services to consumers (because if they don't then they go out of business).

Your last points of idealism are further self-contradictory. You say, "Humanity is innately flawed/selfish", and it is that principal that advocates of the Free Market hold onto the most.

People are absolutely self-motivated, as well as the fact that they are much more able to make decisions for themselves much better than any government entity. So people's selfishness to get better products for themselves, coupled with a business' selfishness to earn more money, will therefore meet in a place in which prices and quality are at the proper level in which a person will buy it.

Additionally, Libertarians and advocates of the Free Market say even further that a voluntary society is NOT idealistic. The world IS FLAWED and people will at times make mistakes and not necessarily do the "right" thing.

Unfortunately, leftists and statists try everything they can to undermine basic human nature and securitize the world. They try saving people from themselves and create a "perfect" world, while Libertarians believe that people should have the freedom and liberty to live life how they want as long as that lifestyle does not infringe or inhibit another person's positive rights (i.e., their right to live, liberty, property, and freedoms). Also, this is the basic outline of the Constitution. Maybe you should read it some time.

As I said to Christopher, Ben Franklin said that those who sacrifice temporary safety for essential liberty deserve neither.

As a person who believes in Liberty, Freedom, and a "voluntary" society, the only "pesky details" that you so want to chastise are only "leave me to my freedom." Beyond that, the rest is easy.

Libertarianism is one of the few internally consistent philosophies. Leftists and statists lay their hopes in altruism and the hopeful dreams that the government can somehow be run by god-like rulers who are infallible. Libertarians understand that this is a flawed world, and people MUST be allowed to make decisions for themselves, because no one is perfect and able to make the perfect decision for the whole population. On the other hand most people are able to make better decisions for their own lives than for others lives, and the closer to the self a decision making process is, the better.

As for your conclusion "Ideological Perfection leads to Tyranny" I fully believe in that IF you come from a leftist perspective. When your ideology is that of respect and non-interference in others lives, then Tyranny is IMPOSSIBLE.

It is only through coercive force and legitimize violence, which can only be accomplished through a government entity, that another person's freedom's can be restricted. But if a society is based on the unmovable fact that another freedom's can NEVER be restricted (unless they are choosing to infringe on another person's freedoms) then Tyranny can not exist.

Ric

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To me it looks like you make an apple and orange comparition (which by the way very often is meaningful). You are comparing the benefits of changes in how we communicate the transactions, with changes in the substance of the transactions. I may call my broker and ask him to do an investment, or I may use the internet to do the same. No big difference. I may order him to move money from my checking account to my savings account, or to buy a CDO for the same money. Big difference.

The reason I will not partipate in the economy is because of interest rate and greed. I have a mortgage that if paid off over its term would cost me twice as much as its worth, so i make extra payments so that wont happen. If i finance a vehicle, I'll end up paying twice it's worth and end up with a car worth half as much. it blows my mind that finace institues are lent money at one rate, then gouge the consumer. Since I do have a choice, I will no longer bind my hands for the sake of helping the economy. What happened to the day when you had to put money down for something you wanted. But then i'm sure the credit industry would then be crying foul. I don't mind someone making a profit, but when they get greedy and try to suck out every last penny from you…no thanks to the more spending to help the economy.

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